Half of Mortgage Homes Considered Equity Rich | News

According to ATTOM’s latest US Home Equity & Underwater Report, almost half (48.1%) of mortgaged properties were considered equity-rich in the second quarter. This is up from 44.9% in Q1 2022 and 34.4% in Q1 2022.

The increase marked the ninth consecutive quarter of increases in equity-rich homes. In the second quarter, he was well-stocked in at least half of all mortgage payers in 18 states, compared with just three states a year ago, according to the report.

The report also showed that 2.9% of mortgaged homes were considered severely submerged in the second quarter. This is down from 3.2% in the first quarter and 4.1% in the same period last year.

“After 124 consecutive months of home price gains, it is no surprise that the share of equity-rich homes is the highest ever and the share of severely underfunded loans is the lowest ever.” ATTOM’s Executive Vice President of Market Intelligence Rick Sharga said in the release: “Although home price growth appears to be slowing due to higher mortgage rates, homeowners are likely to continue accumulating record amounts of capital for the remainder of 2022. will be broken.”

Across the country, 49 states experienced an increase in equity rich levels from Q1 to Q2, and 46 states saw a significant decline in their Underwater percentages. Year-over-year, all 50 states saw an increase in equity rich levels, and 46 states experienced a significant decline in their underwater share.

From Q1 to Q2, equity-rich homes grew the most in Wyoming (up from 26.1% to 33.9%), Maine (up from 48.5% to 56.3%), and Florida (53.6%). 60.4%), Mississippi. (up from 23.5% to 29.1%) and South Carolina (up from 41.2% to 46.5%).

From the first quarter to the second quarter, the states whose equity-rich share of secured housing declined or increased least were New Jersey (down from 38.6% to 37.9%) and Utah (up from 63.6% to 64.3%). ), Idaho (up from 68.8% to 69.5%), North Dakota (up from 28.6% to 29.5%), and West Virginia (up from 26.9% to 28.4%).

The states with the largest declines in the percentage of mortgage homes considered severely submerged from Q1 to Q2 were Mississippi (down from 17% to 8.1%) and Wyoming (down from 10% to 7%). %) and Missouri (down from 6.6% to 7%). 5.2%), Maine (down from 3.1% to 2.2%), and Connecticut (down from 4% to 3.3%).

The only states with an increase in the percentage of severely submerged homes were Montana (up from 3% to 3.9%), New Jersey (up from 2.9% to 3%), and New York (up from 2.7% to 2.8%). .

The highest levels of equity-rich properties were in Vermont (71.4% of mortgage homes are equity-rich), Idaho (69.5%), Arizona (64.8%), Utah (64.3%) and Washington (63.2%). The lowest levels were Louisiana (23.4%), Illinois (25.4%), Alaska (26.7%), West Virginia (28.4%) and Mississippi (29.1%).

The city surveyed by ATTOM with the highest percentage of stock-rich properties in the second quarter was Austin, Texas (76.5%). San Jose, California (75.1%). San Francisco (70.5%); Sarasota-Bradenton, Florida (70.4%) and Boise, Idaho (69.7%). The metro with the lowest percentage was Baton Rouge, Louisiana (19.6%). Wichita, Kansas (22.1%). Jackson, Mississippi (24.8%). Little Rock, Arkansas (25.7%) and Chicago (26.5%).

States with severe mortgage slowdowns in the second quarter were Louisiana (11%), Mississippi (8.1%), Wyoming (7%), Iowa (6.8%) and Illinois (6.5%). was. The lowest shares were in Vermont (1%), California (1%), Washington (1%), Rhode Island (1.1%) and Florida (1.2%).

Baton Rouge, Louisiana (10.8%) had the worst mortgage share in the second quarter. Wichita, Kansas (7.8%). New Orleans, Louisiana (7.7%). Jackson, Mississippi (6.7%) and Scranton, Pennsylvania (6.5%).

About 214,800 homeowners faced potential foreclosure in the second quarter. That’s just four-tenths of 1% of his 58.2 million outstanding mortgages in the country. Of those facing foreclosure, about 195,400, or 91%, had at least some property in their home.

“The fact that over 90% of foreclosed homeowners have positive equity is good news for borrowers in financial distress,” Sharga said. “These homeowners have the opportunity to leverage this equity to secure short-term financing to settle their arrears or sell their properties at a profit and avoid a foreclosure auction.”

The states with the highest percentage of homeowners in the second quarter were New Hampshire (99%), Oregon (99%), Utah (99%), Colorado (99%), and Nevada (99%). ). The states with the lowest percentages were Louisiana (87%), Mississippi (89%), Kansas (91%), Illinois (92%), and Maryland (92%).

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *